A revocable living trust can be a useful and practical estate planning tool for certain individuals. This type of trust is most commonly used to avoid probate because, unlike property that passes by will, trust assets are distributed directly to heirs. This type of trust is also used as a way to maintain management of one’s financial affairs during a period of incapacity because someone else can immediately take charge when needed. Continue reading
The Tax Cuts and Jobs Act legislation was signed into law on December 22, 2017. The Act makes extensive changes that affect both individuals and businesses. Some key provisions of the Act are discussed below. Most provisions are effective for 2018. Many individual tax provisions sunset and revert to pre-existing law after 2025; the corporate tax rates provision is made permanent. Comparisons below are generally for 2018. Continue reading
As you grow older, your housing needs may change. Maybe you’ll get tired of raking leaves from the lawn of the house you bought 30 years ago because you liked its huge, shady backyard. You might want to retire in sunny Florida or live close to your grandchildren in Illinois. Perhaps you will need to live in a nursing home or an assisted-living facility. Sometimes, after considering your options, you may even decide to stay where you are. Deciding where to live is never easy, but if you evaluate your options carefully, you’ll find it easier to live with your decision. Continue reading
On November 2, 2017, House Republicans released their comprehensive tax reform plan, the Tax Cuts and Jobs Act. Then, on November 9, 2017, Senate Republicans released their own plan. The two plans have much in common, but also have significant differences.
The new car models are ready to roll off the shelves with lots of great deals being offered for this years models. Is it time for you to buy a new car? When you decide to make a new car purchase, your next decision will be what to do with your current car. Continue reading
There is nothing like the love grandparents have for their grandchildren. Grandparents love their grandchildren to the fullest, no matter what.
Because of this special relationship, Grandparents often think short term when gifting money to their grandchildren. Instead Grandparents need to plan ahead and be intentional as they strategize on helping their grandchildren financially throughout their whole life. Continue reading
If you’ve finished college within the last few years, chances are you’re paying off your student loans. What happens with your student loans now that they’ve entered repayment status will have a significant impact–positive or negative–on your credit history and credit score. Continue reading
Are health insurance premiums taking too big of a bite out of your budget? Do you wish you had better control over how you spend your health-care dollars? If so, you may be interested in an alternative to traditional health insurance called a health savings account (HSA). Continue reading
If you’re planning to remarry, you must decide how you and your fiance will combine your finances, and you’ll need to plan a financial strategy that considers the assets, liabilities, and financial responsibilities that each partner brings to the marriage. You’ll find that financial planning for marriage is more complicated than it was the first time you got married, because your life isn’t as simple now. Continue reading
Few terms in personal finance are as important, or used as frequently, as “risk.” Nevertheless, few terms are as imprecisely defined. Generally, when financial advisors or the media talk about investment risk, their focus is on the historical price volatility of the asset or investment under discussion. Continue reading